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Growth Forecast for 2008 Maintained at 4.0-6.0%

23 May 2008

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23 May 2008. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy is expected to grow by 4.0-6.0 per cent in 2008.

Performance in First Quarter 2008

GDP grew by 6.7 per cent year-on-year in the first quarter of 2008, up from the 5.4 per cent increase in the preceding quarter. Growth on an annualized quarter-on-quarter basis rebounded strongly to 14.6 per cent, from -4.8 per cent in the fourth quarter of 2007. The higher growth has chiefly reflected a strong surge in biomedical manufacturing, coming on top of the sharp contraction in the last quarter when there was a major plant shutdown for maintenance and change in product mix.

Download the full press release [PDF, 49 KB].

Economic Survey of Singapore First Quarter 2008

MINISTRY OF TRADE AND INDUSTRY
23 May 2008

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